Sean Nicholls

Disgraced Charlestown MP Andrew Cornwell has announced he has quit the Liberal party and will not recontest his seat at next year's state election.

Mr Cornwell made the announcement on Friday, one day after he admitted at the Independent Commission Against Corruption taking a $10,000 bribe from a prominent businessman Hilton Grugeon.

"Following my appearance at the ICAC yesterday I have thought carefully about what is in the best interests of the people of Charlestown," he said.

"I have decided that I will not contest the next State election. I have already stood aside from the Parliamentary Liberal Party. Today I tendered my resignation from the Liberal Party of Australia (NSW Division)."

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"I have sought Parliamentary leave from the Speaker because these matters have significantly impacted my family and, while I take full responsibility for my own actions, I need to care for my family during this time," he said.

"It has been a privilege to represent the people of Charlestown in the Parliament of NSW."